Lundin Petroleum Spuds Third Appraisal Well 16/5-2S on

Lundin Petroleum Spuds Third Appraisal Well 16/5-2S on Avaldsnes,
Offshore Norway 
STOCKHOLM, SWEDEN -- (Marketwire) -- 11/28/11 -- Lundin Petroleum AB
(Lundin Petroleum) (TSX:LUP)(OMX:LUPE) is pleased to announce that
drilling of the appraisal well 16/5-2S on the Avaldsnes discovery
located in the North Sea sector of the Norwegian Continental Shelf
(NCS), has commenced. 
The planned total vertical depth is approximately 2,150 meters below
mean sea level and the well will be drilled using the
semi-submersible drilling rig Bredford Dolphin. The drilling
operation is expected to take approximately 40 days. 
The objective of the well is to appraise the Avaldsnes discovery
following the 16/2-6 discovery well in 2010 and the successful
appraisal wells 16/3-4 and 16/2-7 drilled earlier this year. The
16/5-2S well will be followed in 2012 by further Avaldsnes appraisal
wells in PL501. 
Lundin Petroleum has previously announced estimated gross contingent
recoverable resources for the Avaldsnes discovery located in PL501 of
between 800 million and 1.8 billion barrels of oil. The gross
contingent recoverable resources of the Aldous Major South discovery
located in PL265 have been estimated previously by Statoil at between
900 million to 1.5 billion barrels of oil. The Avaldsnes/Aldous Major
South discovery is therefore estimated to contain gross contingent
recoverable resources of 1.7 to 3.3 billion barrels, which is one of
the largest discoveries on the Norwegian Continental Shelf. 
Lundin Petroleum is the operator of PL501 with 40 percent interest.
Partners are Statoil Petroleum AS with 40 percent and Maersk Oil
Norway AS with 20 percent interest. 
Lundin Petroleum is a partner with a 10 percent interest in PL265.
Statoil Petroleum AS is the operator with 40 percent, Petoro has 30
percent and Det Norske oljeselskap ASA has 20 percent interest. 
Lundin Petroleum is a Swedish independent oil and gas exploration and
production company with a well balanced portfolio of world-class
assets in Europe, South East Asia, Russia and Africa. The Company is
listed at the NASDAQ OMX, Stockholm (ticker "LUPE") and at the
Toronto Stock Exchange (TSX) (ticker "LUP"). Lundin Petroleum has
proven and probable reserves of 187 million barrels of oil equivalent
(MMboe). 
The above information has been made public in accordance with the
Securities Market Act and/or the Financial Instruments Trading Act. 
FORWARD-LOOKING STATEMENTS 
Certain statements made and information contained herein constitute
"forward-looking information" (within the meaning of applicable
Canadian securities legislation). Such statements and information
(together, "forward-looking statements") relate to future events,
including the Company's future performance, business prospects or
opportunities. Forward-looking statements include, but are not
limited to, statements with respect to estimates of reserves and or
resources, future production levels, future capital expenditures and
their allocation to exploration and development activities, future
drilling and other exploration and development activities, ultimate
recovery of reserves or resources are based on forecasts of future
results, estimates of amounts not yet determinable and assumptions of
management. 
All statements other than statements of historical fact may be
forward-looking statements. Statements concerning proven and probable
reserves and resource estimates may also be deemed to constitute
forward-looking statements and reflect conclusions that are based on
certain assumptions that the reserves and resources can be
economically exploited. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
"seek", "anticipate", "plan", "continue", "estimate", "expect",
"may", "will", "project", "predict", "potential", "targeting",
"intend", "could", "might", "should", "believe" and similar
expressions) are not statements of historical fact and may be
"forward-looking statements". Forward-looking statements involve
known and unknown risks, uncertainties and other factors that may
cause actual results or events to differ materially from those
anticipated in such forward-looking statements. No assurance can be
given that these expectations and assumptions will prove to be
correct and such forward-looking statements should not be unduly
relied upon. These statements speak only as on the date of this news
release and the Company does not intend, and does not assume any
obligation, to update these forward-looking statements, except as
required by applicable laws. These forward-looking statements involve
risks and uncertainties relating to, among other things, operational
risks (including exploration and development risks), productions
costs, availability of drilling equipment and access, reliance on key
personnel, reserve estimates, health, safety and environmental
issues, legal risks and regulatory changes, competition, geopolitical
risk, financial risks. These risks and uncertainties are described in
more detail under the heading "Risk Factors" and elsewhere in the
Company's 2010 annual report. Readers are cautioned that the
foregoing list of risk factors should not be construed as exhaustive.
Actual results may differ materially from those expressed or implied
by such forward-looking statements. Forward-looking statements
included in this new release are expressly qualified by this
cautionary statement. 
CONTINGENT RESOURCE ESTIMATES 
Contingent Resources are those quantities of petroleum estimated, as
of a given date, to be potentially recoverable from known
accumulations using established technology or technology under
development, but which are not currently considered to be
commercially recoverable due to one or more contingencies. 
The contingent resource range has been estimated including
uncertainties in reservoir extent, reservoir properties and recovery
factors. The main contingency preventing the classification of the
resources as reserves is the definition of a conceptual development
plan. 
The recovery and production estimates of the Company's resources
provided herein are only estimates and there is no guarantee that the
estimated resources will be recovered or produced. Actual resources
may be greater than or less than the estimates provided here. There
is no certainty that it will be commercially viable for the Company
to produce any portion of these resources.
Contacts:
Lundin Petroleum AB
C. Ashley Heppenstall
President and CEO
+41 22 595 10 00 
Lundin Petroleum AB
Maria Hamilton
Head of Corporate Communications
+41 22 595 10 00 or +46 8 440 54 50
maria.hamilton@lundin.ch